Rig Count Growth Mostly Positive (BHI, OIH, DIG, USO, OIL)

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By Douglas A. McIntyre Updated Published
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Baker Hughes, Inc. (NYSE: BHI) has released its data on the weekly rig counts and most are up. We are watching the key ETF products react via the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.  It will be interesting to see if this continues after the recent pause in oil.

  • U.S. Rig Count is up 12 from last week at 1113; down 828 year over year.
  • Canadian Rig Count is up 30 from last week at 293; down 107 year over year.
  • The US Offshore rig count is 36, down 1 from last week; down 26 year over year.

At 1:07 PM EST NYMEX WTI Crude is trading down $0.62 at $76.84 per barrel.  The Oil Services HOLDRs (NYSE: OIH) is down 2.6% at $116.65, the Ultra Oil & Gas ProShares (NYSE: DIG) is off by 3% at $33.90, the United States Oil (NYSE: USO) ETF is down only 1% at $39.23 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 1.1% at $25.94.

JON C. OGG
NOVEMBER 20, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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